South Carolina Mortgage Calculator
South Carolina taxes a primary residence at 4% of its value and a second home or investment property at 6%, on the exact same house. That single rule matters more to your real payment than almost any other input, so this South Carolina mortgage calculator lets you toggle it directly, alongside real county tax rates and the state’s $50,000 homestead exemption.
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Statewide Average Spotlight
This is South Carolina’s statewide blended average. Your actual rate depends heavily on which of the state’s 46 counties you buy in.
Your Estimated Monthly Payment
Payment breakdown
Balance vs. interest paid over time
Enter your details above to see a plain-language read on your payment.
What If You Paid Extra Toward Principal?
Slide to test an extra monthly payment and see how many years and how much interest it saves.
What If Your Rate Changes?
| Rate scenario | Interest rate | Monthly P&I | Difference |
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Your 5-Year Equity Projection
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Why a South Carolina Mortgage Calculator Needs the 4% vs. 6% Toggle
South Carolina’s property tax system works differently from almost every other state. Instead of one rate applying to your home’s full market value, the state first applies an assessment ratio, then applies the local millage rate to that reduced figure. Owner-occupied primary residences get a 4% assessment ratio. Second homes, rental property, and vacation homes get 6%. On an identical $400,000 house, that difference alone adds roughly 50% more taxable value, before a single county millage rate is even applied. Most South Carolina mortgage calculator tools online quote a single effective rate and ignore this entirely. This one doesn’t: toggle “Primary residence” versus “Second home / investment” above and watch your monthly tax estimate move.
South Carolina Property Tax by County: The Real Spread
| County | Owner-occupied effective rate | Notes |
|---|---|---|
| Horry (Myrtle Beach) | 0.33% | Lowest in the state, large tourism tax base |
| Charleston | 0.39% | Low rate despite high home values |
| Georgetown | 0.41% | Grand Strand, north of Charleston |
| York (Rock Hill) | 0.48% | Fast-growing Charlotte suburb market |
| Greenville | 0.51% | Most populous county, above-average rate |
| Spartanburg | 0.55% | Upstate, near Greenville |
| Dorchester | 0.56% | Greater Charleston metro |
| Richland (Columbia) | 0.67% | State capital, one of the higher rates |
| Bamberg | 0.71% | Highest documented rate in the state |
The $50,000 South Carolina Homestead Exemption
Separate from the 4% assessment ratio, South Carolina offers homeowners age 65 or older, or who are totally and permanently disabled or legally blind, a homestead exemption under SC Code §12-37-250 that removes the first $50,000 of fair market value from property tax entirely. It only applies to a primary legal residence, layered on top of the 4% ratio for those who qualify on both counts. Check the box in Step 1 above to see how much that exemption is worth on your specific numbers.
South Carolina’s Deed Recording Fee
South Carolina doesn’t call it a transfer tax, but it functions like one: a deed recording fee of $1.85 for every $500 of the sale price, split between the state ($1.30) and the county ($0.55), for an effective rate of about 0.37%. On a $340,000 sale, that’s roughly $1,258. The seller typically pays this fee. Unlike many states, South Carolina also requires a licensed attorney, not just a title company, to handle the closing, which adds a separate cost of roughly $800 to $1,500.
Act 388 and Why SC Rates Look So Low
South Carolina’s 2006 Act 388 eliminated the school operating property tax levy on owner-occupied primary residences, replacing that revenue with a statewide one-cent sales tax increase. Combined with the 4% assessment ratio, this is a large part of why South Carolina’s effective property tax rates on primary homes rank among the lowest in the country, even though local millage rates on paper can look substantial.
Coastal Insurance Considerations
Along the Grand Strand, the Lowcountry, and the Charleston area, hurricane and named-storm exposure means homeowners insurance often runs meaningfully higher than the statewide average, and wind or hail coverage is frequently written as a separate policy from your base homeowners policy. If you’re shopping near the coast, get a real quote before finalizing the insurance field above rather than relying on the statewide default.
Frequently Asked Questions
What is the 4% vs. 6% assessment ratio in South Carolina?
South Carolina taxes owner-occupied primary residences at 4% of fair market value and second homes, rentals, and investment property at 6%. You must apply for the 4% “legal residence” rate with your county assessor; it is not automatic.
Does South Carolina have a homestead exemption?
Yes, a statewide $50,000 exemption under SC Code §12-37-250 for homeowners 65 or older, totally and permanently disabled, or legally blind, applied on top of the 4% primary residence assessment ratio.
Why do South Carolina property tax rates vary so much by county?
Each of South Carolina’s 46 counties sets its own millage rate to fund schools, county government, and local services. Coastal, tourism-heavy counties like Horry and Charleston tend to run lowest, while some inland counties run highest per resident.
What is South Carolina’s deed recording fee?
A statewide fee of $1.85 per $500 of the sale price (about 0.37%), typically paid by the seller at closing. It functions similarly to a transfer tax used in other states, though South Carolina doesn’t officially call it one.
Do I need an attorney to close on a home in South Carolina?
Yes. South Carolina is an attorney-closing state, meaning a licensed attorney, not a title company alone, must handle the closing. This typically adds $800 to $1,500 in fees.
How accurate is this mortgage calculator with taxes and insurance?
The principal and interest math is exact. County tax figures reflect published owner-occupied effective rates, and the 4%/6% and homestead adjustments are reasonable approximations, not a substitute for your county assessor’s actual bill.
Should I choose a 15-year or 30-year mortgage in South Carolina?
A 15-year term carries a lower rate and less total interest but a higher payment. A 30-year term keeps payments lower and more flexible, which is why most buyers choose it, then make extra principal payments when they can.
What down payment do I need to buy a home in South Carolina?
Conventional loans often start around 3 to 5% down, FHA loans typically require 3.5%, and VA loans can allow 0% down for eligible veterans, before any state or local down payment assistance programs.
Does this calculator include South Carolina’s deed recording fee or closing costs?
No. This tool focuses on your ongoing monthly payment. The deed recording fee, attorney fees, and other closing costs are separate, one-time expenses due at signing.
References
- South Carolina Department of Revenue, Deed Recording Fee – dor.sc.gov/tax-index/deed-recording-fee
- Consumer Financial Protection Bureau, Owning a Home resources – consumerfinance.gov/owning-a-home
- U.S. Department of Housing and Urban Development, homebuying guidance – hud.gov/topics/buying_a_home
Related State Mortgage Calculators
Comparing South Carolina against neighboring or similarly-structured markets? These calculators use the same tax modeling approach:
Related DexoCalc Tools
This South Carolina mortgage calculator sits inside a wider set of financial planning tools on DexoCalc.
This calculator provides estimates for educational purposes only and is not a loan offer, pre-approval, or substitute for advice from a licensed mortgage professional. County tax rates, the 4%/6% assessment ratio modeling, homestead exemption, and deed recording fee figures reflect published rates and law at time of writing and can change; confirm exact current figures with your county assessor, the SC Department of Revenue, and your insurance provider. Sources: SC Department of Revenue, CFPB.